Motley Rice LLC and Grant & Eisenhofer P.A. Announce Proposed Settlement Hearing in Career Education Corporation Securities Litigation
MT. PLEASANT, S.C., Nov. 22, 2013 /PRNewswire/ -- The following statement is being issued by Motley Rice LLC and Grant & Eisenhofer P.A. regarding the Career Education Corporation Class Action Litigation.
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
THURMAN ROSS, by and on behalf of himself and all others similarly situated, Plaintiff, v. CAREER EDUCATION CORPORATION, GARY E. McCULLOUGH and MICHAEL J. GRAHAM, Defendants. No. 12-CV-00276. Hon. John W. Darrah
SUMMARY NOTICE
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF CAREER EDUCATION CORPORATION ("CEC") FROM FEBRUARY 19, 2009, THROUGH NOVEMBER 21, 2011, INCLUSIVE
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of Illinois, that a hearing will be held on April 3, 2014, at 10:00 a.m., before the Honorable John W. Darrah, at the United States District Court, Northern District of Illinois, Eastern Division, Everett McKinley Dirksen United States Courthouse, Courtroom 1203, 219 South Dearborn Street, Chicago, IL 60604, for the purpose of determining (1) whether the proposed settlement of the claims in the Litigation for the principal amount of $27,500,000, plus accrued interest, should be approved by the Court as fair, just, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with prejudice should be entered by the Court dismissing the Litigation with prejudice; (3) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees in the amount of 25% and expenses not to exceed $500,000 in connection with this Litigation should be approved.
IF YOU PURCHASED OR ACQUIRED ANY OF THE COMMON STOCK OF CEC DURING THE PERIOD FROM FEBRUARY 19, 2009, TO NOVEMBER 21, 2011, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. You may obtain copies of a detailed Notice of Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form by writing to CEC Securities Litigation, c/o Heffler Claims Group, PO Box 58669, Philadelphia, PA 19102, visiting the internet at www.CecSecuritiesLitigation.com, or calling the Claims Administrator at 855-887-3479. Inquiries other than requests for the above-referenced documents may also be made to Plaintiffs' Lead Counsel:
James M. Hughes, Esq.
Motley Rice LLC
28 Bridgeside Blvd.
Mt. Pleasant, SC 29464
(843) 216-9000
Jeffrey A. Almeida
Grant & Eisenhofer P.A
123 Justison St.
Wilmington, DE 19801
(302) 622-7000
If you are a Class Member, in order to share in the distribution of the Net Class Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than March 22, 2014, establishing that you are entitled to recovery. NOTE THAT NO CLAIMS LESS THAN $10.00 WILL BE PROCESSED OR PAID.
If you purchased or otherwise acquired CEC common stock and you desire to be excluded from the Class, you must submit a request for exclusion postmarked no later than March 22, 2014, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.
Any objection to the settlement must be received, not simply postmarked, by each of the following recipients no later than March 21, 2014:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
EVERETT MCKINLEY DIRKSEN UNITED STATES COURTHOUSE
219 South Dearborn Street
Chicago, IL 60604
Lead Counsel for Plaintiffs:
MOTLEY RICE LLC
James M. Hughes
28 Bridgeside Blvd.
Mt. Pleasant, SC 29464
GRANT & EISENHOFER P.A.
Jeffrey A. Almeida
123 Justison St.
Wilmington, DE 19801
Counsel for Defendant Career Education Corporation:
Jones Day
Lee Ann Russo
77 W. Wacker Dr.
Chicago, IL 60601-1692
Counsel for Gary E. McCullough:
KATTEN MUCHIN ROSENMAN LLP
Mary Ellen Hennessy
525 West Monroe Street
Chicago, IL 60661
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Lead Counsel at the address listed above.
DATED: November 22, 2013
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
SOURCE Motley Rice LLC and Grant & Eisenhofer P.A.
Share this article